OEM deliveries to ramp up in early 2023 We raise ‘22e-‘24e EBIT by 2-0%, respectively, as lowered organic growth assumptions are fully offset by FX and accretive AM sales. A weaker macro-economic climate could have a negative impact on travel demand, but we see significant support as to why most areas in CTT’s business should deliver strong growth. For 2023e-2024e, we forecast ~50-20% EBIT growth (7% CAGR 2019-2024e).
Significant earnings growth also beyond the pandemic We reiterate our view that CTT should be able to deliver >20% EBIT growth from 2023e, due to: 1) highly profitable AM sales, which benefit from recovering air traffic as well as a growing installed base, 2) improving aircraft production rates and 3) the attractive private jet market. By 2026, we expect CTT to maintain its monopolistic market position, and we forecast sales of ~SEK 740m (11% org CAGR ’19-‘26e), EBIT of SEK 245m (11% CAGR), 33% margins, and ~50% R ... Läs mer på ABG Sundal Collier
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